Walla Walla FHA Loans

WALLA WALLA, WA

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Walla Walla's 53 lenders originated 235 FHA loans during 2021. The total origination value was $58,975,000, with an average FHA loan value of $250,957.

Walla Walla FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Walla Walla averaged 5.1% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.14% and one month ago for the week of 2022-04-08, the average rate was 4.7%.

The average rate one year ago was 3.31%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.85%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Walla Walla FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Walla Walla level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
PREMIER MORTGAGE RESOURCES, L.L.C. 30 3.13% $8,232
QUICKEN LOANS, LLC 11 2.61% $8,784
AMERICAN FINANCIAL NETWORK, INC. 10 3.16% $10,181
ACADEMY MORTGAGE CORPORATION 9 2.97% $9,221
LAKEVIEW LOAN SERVICING, LLC 8 2.92% $4,415
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.57% $7,935
PENNYMAC LOAN SERVICES, LLC 6 2.77% $7,648
Carrington Mortgage Services, LLC 4 3.19% $10,163
FREEDOM MORTGAGE CORPORATION 4 2.66% $4,953
NEWREZ LLC 4 2.97% $8,079
GUILD MORTGAGE COMPANY 4 2.88% $7,073
CHURCHILL MORTGAGE CORPORATION 3 3.25% $10,040
AmeriHome Mortgage Company, LLC 3 2.87% $4,486
Banner Bank 3 2.42% $6,511
CMG MORTGAGE, INC. 3 2.92% $6,822
Mr. Cooper ( Nationstar Mortgage ) 3 3.13% $6,273
CHERRY CREEK MORTGAGE, LLC 2 4.00% $467
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.44% $10,885
SUMMIT FUNDING, INC. 2 3.81% $9,677
HOME POINT FINANCIAL CORPORATION 2 2.31% $12,444
THRIVE MORTGAGE, LLC 2 3.63% $17,750
TruHome Solutions, LLC 2 3.13% $9,709
CALIBER HOME LOANS, INC. 2 2.50% $7,475
UNITED WHOLESALE MORTGAGE, LLC 2 2.75% $7,297
OCEANSIDE MORTGAGE COMPANY 2 3.19% $3,937
VILLAGE CAPITAL & INVESTMENT LLC 2 3.00% $4,439
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.63% $7,342
BAY EQUITY LLC 1 2.99% $8,044
North American Savings Bank, F.S.B. 1 2.25% $3,749
NUMERICA CREDIT UNION 1 3.00% $8,115
Paramount Residential Mortgage Group, Inc. 1 3.63% $7,564
AMERISAVE MORTGAGE CORPORATION 1 3.25% $8,266
PLANET HOME LENDING, LLC 1 2.75% $6,864
PREMIER LENDING, INC. 1 3.00% $10,034
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.88% $11,061
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.88% $8,399
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $8,600
AMERICAN FINANCIAL RESOURCES, INC. 1 3.75% $13,538
RESIDENTIAL BANCORP. 1 2.49% $10,248
SWBC MORTGAGE CORPORATION 1 3.25% $8,398
Umpqua Bank 1 2.63% $11,976
U.S. Bank 1 2.75% $7,981
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 3.25% $7,863
EVERETT FINANCIAL, INC. 1 3.63% $6,262
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $9,358
ENVOY MORTGAGE, LTD 1 3.88% $8,044
HOMESIDE FINANCIAL, LLC 1 2.88% $9,192
JPMorgan Chase Bank 1 3.13% $5,055
Lakeview Community Capital, LLC 1 2.25% $6,624
LOANDEPOT.COM, LLC 1 3.50% $11,497
Loan Simple, Inc. 1 3.00% $10,306
MID AMERICA MORTGAGE, INC. 1 3.63% $2,038
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $15,913

The top Walla Walla FHA lender as defined by loan originations is PREMIER MORTGAGE RESOURCES, L.L.C., with 30 FHA loans originated. Their average total fees are $8,232, which is $553 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Walla Walla FHA lenders (with over 10 loans originated) are PREMIER MORTGAGE RESOURCES, L.L.C. ($8,232), QUICKEN LOANS, LLC ($8,784), AMERICAN FINANCIAL NETWORK, INC. ($10,181), .

The lowest rate Walla Walla FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.61%), PREMIER MORTGAGE RESOURCES, L.L.C. (3.13%), AMERICAN FINANCIAL NETWORK, INC. (3.16%), .

Walla Walla FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
WALLA WALLA, WA WALLA WALLA 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Walla Walla (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $267,500 (10.8%) $332,885 (11.0%) 0.00 165
2018-02-01 $289,000 (24.4%) $349,929 (17.7%) 0.00 168
2018-03-01 $304,941 (31.2%) $353,713 (15.4%) 0.00 167
2018-04-01 $302,500 (28.8%) $370,328 (17.8%) 0.00 174
2018-05-01 $325,000 (30.1%) $387,149 (17.2%) 0.00 162
2018-06-01 $325,000 (30.0%) $386,137 (17.2%) 0.00 160
2018-07-01 $324,950 (27.4%) $397,140 (19.8%) 0.00 166
2018-08-01 $325,000 (30.0%) $392,907 (15.1%) 0.00 191
2018-09-01 $329,000 (22.3%) $394,187 (15.8%) 0.00 198
2018-10-01 $325,000 (20.2%) $376,465 (9.8%) 0.00 203
2018-11-01 $325,000 (27.8%) $367,009 (9.0%) 0.00 203
2018-12-01 $325,000 (30.5%) $371,187 (11.7%) 0.00 182
2019-01-01 $320,000 (19.6%) $360,260 (8.2%) 0.00 182
2019-02-01 $325,000 (12.5%) $372,490 (6.5%) 0.00 164
2019-03-01 $329,929 (8.2%) $379,538 (7.3%) 0.00 158
2019-04-01 $333,704 (10.3%) $382,248 (3.2%) 0.00 160
2019-05-01 $359,825 (10.7%) $412,765 (6.6%) 0.00 181
2019-06-01 $369,500 (13.7%) $406,839 (5.4%) 0.00 184
2019-07-01 $379,950 (16.9%) $431,496 (8.7%) 0.00 208
2019-08-01 $360,143 (10.8%) $414,303 (5.5%) 0.00 210
2019-09-01 $335,000 (1.8%) $397,891 (0.9%) 0.00 207
2019-10-01 $347,000 (6.8%) $395,335 (5.0%) 0.00 207
2019-11-01 $359,500 (10.6%) $401,489 (9.4%) 0.00 195
2019-12-01 $389,990 (20.0%) $427,427 (15.2%) 0.00 150
2020-01-01 $382,475 (19.5%) $419,317 (16.4%) 0.00 128
2020-02-01 $339,000 (4.3%) $396,745 (6.5%) 0.00 134
2020-03-01 $382,450 (15.9%) $406,630 (7.1%) 0.00 122
2020-04-01 $365,000 (9.4%) $394,778 (3.3%) 0.00 127
2020-05-01 $369,000 (2.6%) $401,775 (-2.7%) 0.00 137
2020-06-01 $384,950 (4.2%) $412,193 (1.3%) 0.00 121
2020-07-01 $409,450 (7.8%) $475,526 (10.2%) 0.00 119
2020-08-01 $420,000 (16.6%) $485,861 (17.3%) 0.00 114
2020-09-01 $374,000 (11.6%) $484,716 (21.8%) 0.00 105
2020-10-01 $359,000 (3.5%) $470,189 (18.9%) 0.00 82
2020-11-01 $399,900 (11.2%) $580,163 (44.5%) 0.00 68
2020-12-01 $404,950 (3.8%) $573,802 (34.3%) 0.00 61
2021-01-01 $425,000 (11.1%) $538,878 (28.5%) 0.00 50
2021-02-01 $449,445 (32.6%) $606,874 (53.0%) 0.00 47
2021-03-01 $434,000 (13.5%) $586,582 (44.3%) 0.00 43
2021-04-01 $397,450 (8.9%) $575,659 (45.8%) 0.00 52
2021-05-01 $425,000 (15.2%) $646,100 (60.8%) 0.00 15
2021-06-01 $499,500 (29.8%) $619,001 (50.2%) 0.00 24
2021-07-01 $449,500 (9.8%) $614,816 (29.3%) 0.00 38
2021-08-01 $437,000 (4.1%) $628,655 (29.4%) 0.00 41
2021-09-01 $454,000 (21.4%) $625,318 (29.0%) 0.00 53
2021-10-01 $450,000 (25.4%) $668,248 (42.1%) 0.00 70
2021-11-01 $448,498 (12.2%) $699,312 (20.5%) 0.00 56
2021-12-01 $493,750 (21.9%) $737,858 (28.6%) 0.00 50
2022-01-01 $509,000 (19.8%) $785,760 (45.8%) 0.00 46
2022-02-01 $476,000 (5.9%) $736,797 (21.4%) 0.00 46
2022-03-01 $549,450 (26.6%) $753,279 (28.4%) 0.00 40
2022-04-01 $529,000 (33.1%) $709,996 (23.3%) 0.00 50
Walla Walla's median listing price for 2022-04-01 was $529,000, a difference of $131,550 (33.1%) versus the prior year and $-20,450 versus the prior month.

Walla Walla's median listing price comes in at 0% of the national average.

Walla Walla's average listing price for 2022-04-01 was $709,996, a difference of $134,337 (23.3%) versus the prior year and $-43,283 versus the prior month.

For the 2022-04-01 period, Walla Walla had 50 MLS listings, a difference of 10 listings (25%) versus the prior month and -2 listings (-4%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Walla Walla (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,023 sqft
2018-02-01 0 days 2,038 sqft
2018-03-01 0 days 2,092 sqft
2018-04-01 0 days 2,142 sqft
2018-05-01 0 days 2,205 sqft
2018-06-01 0 days 2,136 sqft
2018-07-01 0 days 2,136 sqft
2018-08-01 0 days 2,153 sqft
2018-09-01 0 days 2,161 sqft
2018-10-01 0 days 2,112 sqft
2018-11-01 0 days 2,116 sqft
2018-12-01 0 days 2,185 sqft
2019-01-01 0 days 2,124 sqft
2019-02-01 0 days 2,185 sqft
2019-03-01 0 days 2,264 sqft
2019-04-01 0 days 2,331 sqft
2019-05-01 0 days 2,368 sqft
2019-06-01 0 days 2,368 sqft
2019-07-01 0 days 2,457 sqft
2019-08-01 0 days 2,409 sqft
2019-09-01 0 days 2,326 sqft
2019-10-01 0 days 2,252 sqft
2019-11-01 0 days 2,340 sqft
2019-12-01 0 days 2,355 sqft
2020-01-01 0 days 2,348 sqft
2020-02-01 0 days 2,320 sqft
2020-03-01 0 days 2,340 sqft
2020-04-01 0 days 2,260 sqft
2020-05-01 0 days 2,242 sqft
2020-06-01 0 days 2,258 sqft
2020-07-01 0 days 2,387 sqft
2020-08-01 0 days 2,320 sqft
2020-09-01 0 days 2,320 sqft
2020-10-01 0 days 2,081 sqft
2020-11-01 0 days 2,145 sqft
2020-12-01 0 days 2,178 sqft
2021-01-01 0 days 2,240 sqft
2021-02-01 0 days 2,443 sqft
2021-03-01 0 days 2,417 sqft
2021-04-01 0 days 2,356 sqft
2021-05-01 0 days 2,520 sqft
2021-06-01 0 days 2,501 sqft
2021-07-01 0 days 2,263 sqft
2021-08-01 0 days 2,122 sqft
2021-09-01 0 days 2,172 sqft
2021-10-01 0 days 2,184 sqft
2021-11-01 0 days 2,268 sqft
2021-12-01 0 days 2,327 sqft
2022-01-01 0 days 2,268 sqft
2022-02-01 0 days 2,277 sqft
2022-03-01 0 days 2,311 sqft
2022-04-01 0 days 2,200 sqft
Walla Walla's median listing age (time on market) for 2022-04-01 was 0 days.

Walla Walla's median square footage for active listings during the 2022-04-01 period was 2,200 sqft. One year prior, the average listing was 2,356 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).